The rate of mortgage delinquencies in the U.S. – adjusted to seasonal factors – rose to 9.12% during the quarter, an increase of 124 basis points to the fourth quarter of 2008 and 277 basis points in terms.
As reported today the Mortgage Bankers Association of the USA (MBA stands for English), this is the highest delinquency rate since the first quarter 1972.
Furthermore, the association reports that one in eight Americans was delayed in paying your mortgage or proceeded with the execution of the trade due to rising unemployment caused by the crisis.
In addition, the MBA also announced that the number of foreclosure stood at record levels and also increased by 1.37% during the first quarter, an increase of 29 basis points in the fourth quarter 2008 and 36 points basic terms.
According to the chief economist of the MBA, Jay Brinkmann, the increase in foreclosure is a concern, but not unexpected, since it had remained virtually flat over the last three quarters of 2008 due to a “moratorium” on state and local level and the detention of the executions in Fannie Mae and Freddie Mac
“Now that you know the guidelines for administering the loan modification programs, combined with the large number of vacant homes in the past because of the mortgages, the pace of executions has increased considerably,” he said.